Binance denies accusations by U.S. senators

Binance chief executive Changpeng Zhao denied the allegations by three U.S. senators that funds obtained illegally were laundered. Forbes.

He noted that the platform’s primary priority is protecting users’ interests. He said the letter from the policymakers had been received for the first time.

Binance’s Chief Strategy Officer Patrick Hillmann also said the company is ready to cooperate with authorities. However the crypto exchange has not yet satisfied any of the senators’ requests.

“Unfortunately, a lot of misinformation has been spread about our company, and we hope to rectify this. Binance will provide information that will help better understand why we remain the most trusted platform for users worldwide,” Hillmann added.

On March 1, policymakers sent Binance letter asking for detailed data on the KYC/AML policy and anti-money-laundering controls. In the document they accused the platform of ties to criminals, calling it a \”hotbed of illicit financial activity\”.

The senators also questioned the relationship between the crypto exchange and its American arm. Hillmann, for his part, stressed that Binance.com does not operate in the United States. However representatives of Binance.US have yet to comment on the situation.

Earlier this week, the U.S. Securities and Exchange Commission raised concerns about the exchange’s American unit. In the regulator’s view, the company operates an unregistered securities exchange.